The global digital map market is anticipated to reach $30.6M by 2026, reflecting a CAGR of 16% between 2018-2026, according to a report published by Transparency Market Research (TMR).
TMR put this growth down to technical advancements, increased digitization and the emergence of a large number of digital map manufacturers during the period.
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The report found that the growth is expected to be due to a number of macroeconomic and industry-specific factors, Such as the increasing adoption of digital mapping technology in connected and semi-autonomous cars and Internet of Things connected devices. Additionally, increasing use of geospatial information during this period is predicted to fuel demand for digital maps, as well as the increasing number of digital map manufacturers operating in the market.
"In terms of digital map systems, both North America and Europe are mature regions of the market, owing to high awareness about digital mapping among users and technological development" commented TMR. "However, the market in APAC is expected to expand at a robust pace during the forecast period. Rise in penetration of technology as well as significant investments in the connected and semi-autonomous car industry across countries such as the US, the UK, Germany, France, China, and Brazil among others, are anticipated to offer lucrative opportunities for digital map providers in the near future."